Global Heat Pump Market Size & Outlook, 2022-2030
Global heat pump market, 2018-2030 (US$M)
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Global heat pump market highlights
- The global heat pump market generated a revenue of USD 81,585.8 million in 2022 and is expected to reach USD 166,650.6 million by 2030.
- The market is expected to grow at a CAGR (2023 - 2030) of 9.3% by 2030.
- In terms of segment, air source accounted for a revenue of USD 69,152.6 million in 2022.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2022.
- Country-wise, Argentina is expected to register the highest CAGR from 2023 to 2030.
Global data book summary
| Market revenue in 2022 | USD 81,585.8 million |
| Market revenue in 2030 | USD 166,650.6 million |
| Growth rate | 9.3% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
Other key industry trends
- In terms of revenue, the North America accounted for 23.5% of the global heat pump market in 2022.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, Argentina is the fastest growing regional market and is projected to reach USD 268.7 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 84.76% in 2022. Horizon Databook has segmented the Global heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Heat Pump Technology Outlook (Revenue, USD Million, 2018-2030)
- Air Source
- Air to Air
- Air to Water
- Water Source
- Geothermal
- Air Source
- Global Heat Pump Application Outlook (Revenue, USD Million, 2018-2030)
- Residential
- Commercial
- Industrial
- Global Heat Pump Capacity Outlook (Revenue, USD Million, 2018-2030)
- Upto 10 kW
- 10 –20 kW
- 20 –50 kW
- 50 – 100 kW
- 100 – 200 kW
- Above 200 kW
- Global Heat Pump Operation Type Outlook (Revenue, USD Million, 2018-2030)
- Electric
- Hybrid
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global heat pump market , including forecasts for subscribers. This global databook contains high-level insights into Global heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global heat pump market size, by region, 2018-2030 (US$M)
Top 10 countries: Heat pump market size, 2022 (US$M)
Global heat pump market share, by technology, 2022 & 2030 (%, US$M)
Heat pump market: Opportunity assessment by country
Global heat pump market, by region, 2022 (US$M)
| Technology | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Latin America | 587.0 | 631.0 | 614.7 | 638.5 | 674.2 | 713.6 | 757.3 | 805.7 | 859.7 | 919.9 | 987.3 | 1,065.9 | 1,155.3 | 6.9% |
| Europe | 9,321.9 | 10,152.2 | 10,499.4 | 13,271.2 | 17,531.3 | 19,653.3 | 21,950.4 | 24,424.5 | 27,075.8 | 29,902.2 | 32,899.1 | 36,059.3 | 39,373.0 | 10.6% |
| North America | 14,342.1 | 15,605.3 | 16,096.9 | 17,449.0 | 19,211.3 | 20,758.9 | 22,502.2 | 24,473.0 | 26,709.5 | 29,257.2 | 32,171.2 | 35,556.9 | 39,459.7 | 9.5% |
| MEA | 746.0 | 802.8 | 771.5 | 804.8 | 856.1 | 912.5 | 974.7 | 1,043.3 | 1,119.2 | 1,203.3 | 1,296.7 | 1,406.4 | 1,530.8 | 7.3% |
| Asia Pacific | 32,510.1 | 35,120.0 | 34,591.2 | 38,880.5 | 43,312.8 | 46,711.7 | 50,482.7 | 54,676.0 | 59,349.4 | 64,569.9 | 70,415.6 | 77,284.6 | 85,131.9 | 8.7% |
| Overall | 57,507.1 | 62,311.2 | 62,573.6 | 71,044.0 | 81,585.8 | 88,750.0 | 96,667.2 | 105,422.6 | 115,113.5 | 125,852.4 | 137,769.9 | 151,373.2 | 166,650.6 | 9.3% |
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